• What home can I afford?

  Your income and other financial obligations play a part in determining how much home you can afford. There are many mortgage calculators online that can provide you with a ballpark figure before you start to search for your home. You will need to meet with a lender to get pre-approved for a home loan. Having a pre-approval makes you much more attractive to sellers when making offers.

• What’s the first step of the home buying process?

  Getting Pre-Approved with a lender is the first step. Unless you are paying cash for a house, you will need to get a mortgage. In order to know how much home you can afford, you will need to get pre-approved for a loan.

• What Kind of Credit Score Do I Need to Buy a Home?

  A 620 credit score, or higher, is recommended. A higher credit score offers better lending terms. There are some lenders who will approve buyers with lower credit scores. However, your loan officer will be the best source to give you a current answer for today’s lending requirements.

• How Much Money Do I Need for a Down payment?

  It can be anywhere from 3.5% to 20% depending on the type of loan you use. Your lender will discuss the different loan types to help you determine which type will be best for your situation.

• What Other Fees Are There, Besides the Down payment?

  Please view my "Buyers" page of this website for a breakdown of costs associated for the buyer.

• Do I really need a Realtor when buying a home?

  Attempting to buy a home without a Realtor can really make the home buying process more difficult.  Having a Realtor is always recommended when buying a home because the Listing Agent will ALWAYS be representing the seller first and foremost.

• Who pays the Realtor fees when buying a home?

  In most cases the seller pays the Realtor fees.

• How quickly can I close?

  Typical escrow periods are 30 to 45 days. This gives you enough time to do the investigation on the property and get a loan completed.

• What should I look for when walking through a home?

  Things to look for during your first time viewing a home:

  *Foundations - cracks in the foundation happen naturally as the house settles but you should look for vertical cracks and ones that are larger at one end than the other. Also, when you are on the top floor check the doors and windows to see if they open and close easily. If a foundation has shifted then the top floor will have moved the most.

  *Water damage - inspect ceilings on every floor for discoloration or bubbles in paint. Check the basement for any discoloration in the concrete around cracks and look to see if you can find signs of mold and mildew. When outside the house look at the eaves as they are responsible from moving rain water away from the foundation.

  *Faucets, Toilets and Shower Heads - check to see that all plumbing works well.

• How much should I offer?

  Factors that must be considered when deciding on how much you will offer, are:

  • Is the house in good condition?

  • Will you need to make renovations for it to suit your needs?

  • How long has it been on the market?

  • Is the asking price comparable to other similar homes in the area?

• When can I back out if I change my mind?

  While buyers can always back out of a deal, doing so without good reason may forfeit their earnest money (the cash put down to secure the offer, typically 1%-2% of the home’s price). But there are some ways to walk with your earnest money in hand.

  Contingencies: For example, upon an unsatisfactory home inspection, the buyer can ask for their deposit back. Another contingency is ‘subject to appraisal'. That means you can back out if the lender for your loan doesn’t think the property is worth what you offered.

• Is a home inspection necessary? What other inspections are needed?

  Inspections are usually paid for by the buyer and typically required by the lender. A comprehensive home inspection is something that the buyer orders. They must be done within the option period to allow for negotiations of any items needing to be repaired. 

• What are home warranties?

  A home warranty is a contract covering repairs and replacements on systems and appliances in your home, usually for a period of one year. This is different than Homeowner's Insurance in that Homeowner's Insurance pays for damages and loss caused by unexpected events such as fire and weather damage, but it won't help if your appliances or other systems breaks down.

• What is title insurance and why do I need it?

  Title insurance assures that you have clear title to the home you are purchasing. It's very important and the primary component of "due diligence". The title search determines whether the seller actually owns the property and if there are any claims against it. We work with a number of very good title companies or you can choose to use your own. In any case, the title search is ordered shortly after the execution of contract.

• Do I need to do a final walk-through?

  It is necessary to do a final walk through before closing to ensure things in the home are as they should be. A few things you should check is that furnace is working, the toilets are flushing properly, there is hot water and that any items that are to be left are still present in the home.

• When WILL MY closing date BE?

  The closing date is roughly around 30 days after the execution of the contract. However, there are many factors that play into determining this date and the closing date can be later or earlier than 30 days. The quicker you can supply your lender with all documents required from you, the quicker the process will typically go. 

• When do I get the keys?

  Once all closing documents have been signed, the lender will need time to fund the loan. You will be given the keys after the loan has been funded.

For a small fee, you can get your score or review your credit report by going online to www.myfico.com or by contacting the credit bureaus directly at:

• EQUIFAX www.equifax.com

• EXPERIAN www.experian.com or (888) 397-3742

• TRANSUNION www.transunion.com or (800) 916-8800

Kimberly Nelon

Prime Lending

kimberly.nelon@primelending.com

(214)914-4900

Kara Swallow

The Home Loan Expert

kswallow@thehomeloanexpert.com

(801)559-5954

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Brad Boswell

Town Square Mortgage

TheBoswellWay@tsmlending.com

972-333-3232